This was stated by Ethereum co-founder Vitalik Buterin.Ethereum Community Conference (EthCC) which just ended with not everyone supporting the idea of proof of stake (PoS). Buterin proposed a network Ethereum Classic (ETC) for everyone who appreciates Ethereum, although he believes that future Ethereum PoS upgrades are worth it.
Ethereum Classic for PoW enthusiasts
As a hard fork of Ethereum, Ethereum Classic (ETC) is an open source decentralized smart contract blockchain introduced in 2016. Buterin introduced the ETC blockchain as ” the original Ethereum that didn’t betray its vision by forking the DAO.“, among other PoW networks.
According to the latest updates from the Eth2 developers, the long-awaited Beacon network merger is likely to happen in September. On July 14, the team released a statement providing a more detailed launch schedule. According to this schedule, Ethereum 2.0 should be launched in mid-September if the previous upgrades are successful.
With the introduction of Ethereum 2.0, the function of cryptocurrency miners on the blockchain will cease, which will save miners from having to create new units of coins. Instead, users will need staker the amount of ETH that will be selected to validate blocks of transactions and receive rewards.
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At the moment, the Eth2 Beacon network has 13,133,136 ETH, which is equivalent to $20.1 billion at the current market price.